TD Ameritrade Cash Management Account Review: A Good Checking Alternative? | MyBankTracker

You need a new check explanation but want something unlike .
possibly, the traditional option is n’t working for you .
That ‘s when you might consider the TD Ameritrade Cash Management bill.

now :
It may come from the investment weapon of TD Bank and sound like a sophisticate fiscal instrument, but it can serve completely as a checking account option .
With this review of the TD Ameritrade Cash Management account, find out if the fees and features of this determine alternative are worth your retainer .

TD Ameritrade Cash Management Account Pros & Cons

Pros Cons
  • No monthly fee
  • Free debit card
  • Unlimited fee refunds for U.S. ATMs
  • Increased FDIC insurance coverage
  • Mobile apps available
  • Very low interest rate

Extra FDIC Insurance

If you ’ ve had former bank accounts with other fiscal institutions, you ’ re probably companion with FDIC insurance .
This is deposit insurance that you receive when opening an report with an FDIC-insured bank or credit union .
The standard coverage limit is $ 250,000 per depositor, which is more than adequate for most people. This indemnity protects you in the event of a savings bank failure .
What ’ s interesting :
A TD Ameritrade Cash Management history let ‘s you double your protection in one rate .
How ?
Cash deposits are swept into one of the company ’ s banks — either TD Bank or TD Bank USA. With your cash here, you receive standard FDIC insurance .
When you deposit more than $ 250,000 in cash, TD Ameritrade splits your money between both banks .
Keeping your money in two locations doubles your protection, insuring your deposits improving to $ 500,000 .

Manage Cash From a Single Portal

One of the biggest benefits of opening a Cash Management account with TD Ameritrade is the ability to manage your money from a individual position .
This is convenient and useful because you don ’ t have the fuss of moving money approximately .
This includes not having to transfer funds from a savings account to your brokerage history .
Using a individual portal vein keeps your cash well accessible .
And with your money in one target, you can take contiguous advantage of trade opportunities as they arise .

Earn Interest

possibly you use TD Ameritrade for long-run invest or retirement planning .
If so, you might besides prefer a deposit report that lets you earn concern .
Some people search for savings accounts that offer a higher concern rate. Or they look into opening an interest crack report. These, however, aren ’ t the only options available .
You might be happy to know that when you open a Cash Management account with TD Ameritrade, you ’ ll besides earn matter to on all balances in your bill .
Keep in thinker that interest earned on deposits is tiered. So the more you have in your Cash Management account, the higher your return .
Earning interest offers another way to put your money to work for you .

ATM Fee Refunds

Banks are ill-famed for charging ATM fees .
You don ’ thyroxine pay a tip when using your depository financial institution ’ south ATM .
But if you use an out-of-network ATM, you ’ ll pay a fee to your bank and to the owner of the ATM .
If your deposit charges $ 2.50 and the other bank charges $ 2.50, every withdrawal from a non-TD Bank ATM could cost you $ 5 .
Fees can eat into your balance .
fortunately :
You ’ ll never pay an ATM tip with this report .
Use your debit calling card at any ATM countrywide. You ’ ll be reimbursed for any fees you ’ re charged .
The fewer fees you pay, the more money you ’ re able to keep in your report for other goals .

Monthly Fee

With a TD Ameritrade Cash Management account, you never have to worry about monthly fees .
Regardless of your average daily or monthly symmetry, or your number of conduct deposits, this institution doesn ’ thymine appoint alimony fees .
right away :
You ‘re already beating most of the check accounts offered by big banks — including those offered by TD Bank .
Most of these big bank basic checking accounts have a monthly tip .
While banks normally allow customers to waive the fee when sealed requirements are met, you do n’t want to deal with it in the first place.

Convenient Features for Easier Banking

But while avoiding ATM fees and monthly maintenance fees is a big deal, it ’ sulfur besides important to find a bank that has resources and commodious tools. Managing your money shouldn ’ thymine be a harass .
here ’ s what you can expect from this account .

1. Unlimited check writing

even though this international relations and security network ’ t a check score per selenium, this account does offer complimentary arrest write .
therefore, you ’ re able to use your cash management score for casual purchases and bills .
As if this international relations and security network ’ triiodothyronine adequate, you ’ ll besides receive a pile of 100 checks once you open an account. You can besides re-order checks absolve of charge .
If you prefer debit cards over checks, a Visa debit card comes standard with your cash management account dislodge of charge .
Use your debit tease wherever Visa is accepted. You can even add the card to Apple Pay for faster in-store or online discipline out .

2. Free online bill pay

Can ’ t remember the death prison term you wrote a assay or bought stamps to mail a bill ?
Like most people, you might pay the majority of your bills online. This method ensures you never miss a payment or have a belated arrival, cutting down on belated fees .
once you open your TD Ameritrade cash management account, take advantage of exempt online placard pay .
There is even the choice of setting up reoccurring bill payments .

3. Download the mobile app

Download TD Ameritrade ’ s mobile app to your phone or pill and enjoy the tractability of managing your report from anywhere .
Check your balance, transfer funds, and initiate payments .
You can evening deposit checks into your account from your mobile device .

What to Know About Other Fees?

TD Ameritrade ’ s cash management account does an excellent speculate minimizing fees .
But some bank fees are ineluctable .
For exemplar, TD Ameritrade charges $ 15 if you need a copy of a hindrance .
You ’ ll besides pay $ 25 to stop payment on a see, angstrom well as $ 25 for outgoing wire transfers ( domestic or external ) .
When compared to the fee schedules of basic checking accounts from most other banks, this account shines because of fewer and lower fees .

TD Ameritrade Cash Management Account Fees

Type Fee amount
Monthly Maintenance Fee $0
Out-of-Network ATM Fee $0
Overdraft Fee $0
Stop Payment $25
Incoming Wire Transfer $0
With a TD Ameritrade Cash Management account, you never have to worry about monthly fees.

Regardless of your average daily or monthly balance, or your number of direct deposits, this institution doesn’t charge maintenance fees.


Compared to Regular Checking Options

TD Ameritrade ’ s cash management report is a unlike type of report. even then, it offers many of the same great features of a check history .

When shopping for a new score, it ’ south important to research details of a particular bill to make certain you find the veracious one for you .
Factors to compare include :

  • monthly fees
  • service fees
  • interest rate
  • ATM access
  • check-writing ability
  • online and mobile banking features

The Cash Management account comes out as a winner because it doesn ’ metric ton commit a monthly alimony fee .
additionally, it offers countrywide ATM reimbursements. This is perfective if you dislike fiscal institutions that nickel and dime their customers .
While this account does pay interest on sediment accounts, bear in heed that the rate is low .
This is in comparison to what other institutions offer on online savings and checking accounts. indeed unless you have a large sum in your bill, don ’ triiodothyronine expect to earn a significant sum of sake .
now :
Compared to TD Bank checking options, the TD Ameritrade Cash Management is a clear winner :

TD Convenience Checking

The standard check account from TD Bank is the TD Convenience Checking account .
It has a monthly fee of $ 15, which is waived when the customer maintains a $ 100 day by day balance. It’s easy adequate — much easier than other basic checking accounts from rival national banks .
however, there are no ATM fee refunds and customers must pay an out-of-network ATM tip .

TD Simple Checking

The TD Simple Checking is another low-tier check option that lone has a $ 5.99 monthly sustenance fee .
The worst contribution :
This fee can not be waived at all .

Final Verdict: Is This Account for You?

TD Ameritrade ’ s Cash Management report is a solid option for person who wants to avoid a monthly fee and have detached countrywide ATM access .
It’s specially fit if you already have a TD Ameritrade investment explanation .
If not :

Read more: Forum Policy

You might besides consider online check accounts .
Why ?
They besides tend to have no monthly tip and some provide exempt ATM access cosmopolitan. And, you might even be earning much higher interest rates on your balance .

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